A severe shortage coupled with a sharp increase in domestic demand has enthused the local nutmeg and mace market. The price of best quality mace has breached the Rs 500 mark and quoted Rs 520-560 a kg. Likewise un-shelled nutmeg quoted Rs 250-260 and shelled nutmeg on Friday has a tag in a range of Rs 150-170.
On an average the per kg price of nutmeg and mace has increased by Rs 30-50 during last three weeks. According to leading stockists of Kalady market, near Kochi the market is poised for further northward movement of prices at least for the next 3-4 weeks as there is acute shortage for the spice.
During June-July period of last year, the main harvesting season of nutmeg, the price had edged up to a level of Rs 250-260 which resulted in a high level of stocking anticipating a galloping of prices in the off season. But to the dismay of growers, the market reacted the other way due to low off take from domestic and overseas markets.
Price of un-shelled nutmeg plummeted to Rs 180-200 in August-November period which again caused a large scale unleashing of stocks in the off season. So there is serious shortage for quality stuff in December and in the current month. The early crop of next season will hit the market only by the end of February or by the opening weeks of March. So the shortage is likely to aggravate till February, stockists said.
There is top level demand for both nutmeg and mace as there is rather poor supply for the last 3-4 weeks. According to leading stockists there would be a different picture altogether after February when early crop would hit the market. Market sources estimate a price tag of Rs 600 for good quality mace within next 2-3 weeks.
